Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Addition u/s 68 r.w. section 115BBE - unexplained cash deposits in the bank account - The tribunal finds that the AO did not provide a satisfactory explanation for rejecting the source of cash deposits - The ITAT held that the authorities erred in treating the cash deposits as unexplained income without any evidence to question the genuineness of the sales or the source of funds. The assessee's appeal was allowed, and the addition made by the authorities was deleted.
Addition u/s 68 r.w. section 115BBE - unexplained cash deposits in the bank account - The tribunal finds that the AO did not provide a satisfactory explanation for rejecting the source of cash deposits - The ITAT held that the authorities erred in treating the cash deposits as unexplained income without any evidence to question the genuineness of the sales or the source of funds. The assessee's appeal was allowed, and the addition made by the authorities was deleted.
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